ChargePoint (NYSE:CHPT) Receives “Buy” Rating from Benchmark

Benchmark reiterated their buy rating on shares of ChargePoint (NYSE:CHPT) in a research note issued to investors on Wednesday,Benzinga reports. Benchmark currently has a $3.00 price target on the stock.

Other research analysts have also recently issued reports about the stock. UBS Group decreased their target price on shares of ChargePoint from $1.80 to $1.50 and set a “neutral” rating for the company in a report on Tuesday, October 15th. Needham & Company LLC cut ChargePoint from a “buy” rating to a “hold” rating in a research report on Tuesday. The Goldman Sachs Group decreased their price target on ChargePoint from $1.50 to $1.25 and set a “sell” rating for the company in a research note on Friday, September 6th. TD Cowen cut ChargePoint from a “buy” rating to a “hold” rating and dropped their price objective for the company from $3.00 to $2.00 in a research report on Thursday, September 5th. Finally, JPMorgan Chase & Co. lowered ChargePoint from an “overweight” rating to an “underweight” rating in a research report on Thursday, October 3rd. Two analysts have rated the stock with a sell rating, eleven have given a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $2.47.

ChargePoint Stock Down 3.1 %

Shares of CHPT stock opened at $1.10 on Wednesday. The business’s fifty day moving average is $1.30 and its 200 day moving average is $1.60. The company has a quick ratio of 1.32, a current ratio of 2.03 and a debt-to-equity ratio of 1.24. ChargePoint has a twelve month low of $1.08 and a twelve month high of $3.13.

ChargePoint (NYSE:CHPT) last released its earnings results on Wednesday, September 4th. The company reported ($0.15) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.15). ChargePoint had a negative net margin of 89.12% and a negative return on equity of 112.67%. The firm had revenue of $108.54 million during the quarter, compared to analyst estimates of $114.15 million. As a group, sell-side analysts predict that ChargePoint will post -0.56 EPS for the current fiscal year.

Insider Buying and Selling

In other ChargePoint news, CEO Richard Wilmer sold 27,252 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $1.35, for a total transaction of $36,790.20. Following the transaction, the chief executive officer now owns 2,304,489 shares in the company, valued at $3,111,060.15. The trade was a 1.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Henrik Gerdes sold 26,288 shares of the stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $1.32, for a total transaction of $34,700.16. Following the completion of the sale, the chief accounting officer now directly owns 390,596 shares in the company, valued at $515,586.72. This trade represents a 6.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 100,803 shares of company stock worth $135,295. 3.50% of the stock is owned by insiders.

Institutional Trading of ChargePoint

Several institutional investors and hedge funds have recently made changes to their positions in CHPT. CIBC Asset Management Inc raised its position in ChargePoint by 50.7% during the 2nd quarter. CIBC Asset Management Inc now owns 17,145 shares of the company’s stock valued at $26,000 after purchasing an additional 5,770 shares in the last quarter. Hsbc Holdings PLC raised its holdings in shares of ChargePoint by 41.4% in the 2nd quarter. Hsbc Holdings PLC now owns 26,397 shares of the company’s stock valued at $39,000 after purchasing an additional 7,723 shares in the last quarter. Public Employees Retirement System of Ohio increased its holdings in ChargePoint by 6.1% during the first quarter. Public Employees Retirement System of Ohio now owns 136,355 shares of the company’s stock valued at $259,000 after buying an additional 7,838 shares during the period. PFG Investments LLC raised its stake in ChargePoint by 32.2% in the second quarter. PFG Investments LLC now owns 34,102 shares of the company’s stock worth $51,000 after buying an additional 8,297 shares in the last quarter. Finally, Jeppson Wealth Management LLC lifted its stake in shares of ChargePoint by 28.3% during the 3rd quarter. Jeppson Wealth Management LLC now owns 42,940 shares of the company’s stock worth $59,000 after purchasing an additional 9,480 shares during the last quarter. 37.77% of the stock is currently owned by institutional investors.

About ChargePoint

ChargePoint Holdings, Inc, together with its subsidiaries, provides electric vehicle (EV) charging networks and charging solutions in the North America and Europe. The company serves commercial, such as retail, workplace, hospitality, parking, recreation, municipal, education, and highway fast charge; fleet, which include delivery, take home, logistics, motor pool, transit, and shared mobility; and residential including single family homes and multi-family apartments and condominiums customers.